USD/JPY: Technical oulook suggests that the pace of rise may slow or even retrace – OCBC

USD/JPY reclaimed 143.00 early Monday. As economists at OCBC Bank note, bullish trend channel stays intact but gains are slowing.

Break under 141.50 to open the door towards 140.10 and 139.35

“Bullish momentum on daily chart shows signs of waning while RSI is falling from overbought conditions. Risks skewed to the downside though bullish trend channel intact for now.”

“Support at 142.50 (channel lower bound), 141.50 (23.6% Fibo retracement of Aug low to Sep double top). Decisive break below 141.50 puts next support at 140.10 (21-DMA) and 139.35 (38.2% Fibo).”

“Resistance at 145 (interim double top).”